dpavid

Sold the E55 last year and I'm getting ready to pull the trigger on a S65. Price is $80-85k on a CPO. I used MBFS in the past and credit unions. PenFed seems like they only finance up to $70k and have one of the lowest interest rate. I never considered MBFS yet as well but they gave me 2.9% on my E55.

Anyone you recommend I try 1st before I start submitting apps? Ideally, 100% financing would be cool, but if I have to drop a down, then I will. Also, I refuse to pay anything higher than 3.5%. All my loans have been 1.9-2.9% in the past.

Thanks in advance.

Toadster

http://www.penfed.org

1.99% up to 48 mos
2.49% over 48 mos.

setup was super quick and had a check within days...
donated $20 to become a member since I'm not a Federal Employee

jddumas

I bought my E55 a year and a half ago and was going to buy it outright but discovered that if I financed a portion of it through USAA, have to be a veteran or child of a veteran I believe, then I was eligible to buy a great warranty. So I financed $1,000.00 of it, bought the warranty and it paid for itself. They are awesome to deal with and have great insurance rates as well. Good luck on the S65. Very nice. I drove a Renntech one and loved it. Just too big for my taste.

moosejaw

I have B of A and my rate is 3.49%

chawkins2001

Local credit union @ 2.75%

peckcrossing

Consumers Credit Union in Chicagoland area. 1.74% up to 2.49% at 72 months. Plus their checking account pays 4%.

justinwrock

Have mine financed thru a local credit union. IIRC, its like 3.5%

Ryououki

Local credit union gave 2.9% for my E55 covering 100%, including the warranty and GAP. Of course your purchase is quite a bit more, and not sure what the ceiling is for most credit unions.

black06c230

a few that i like but the first is hard to get into to a point:
Congressional FCU http://www.congressionalfcu.org/auto/
Penn St Emp CU http://www.psecu.com/vehicles/?WT.ac=vehicles-subnav

PSECU has rates at low as 1.49% for 36mth or 2.49 for up to 60mth with .25 reduced for autopay. You don't have to live in Penn. and there is a way in...let me look how I got in.

black06c230

well looks like PSECU has gone to in person only for out of state.

another option that's still a little tough is Navy Fed CU...NFCU

infantry

Back in Feb 2010 when I picked up my AMG, I somehow managed to get 1.9% financing for 36 months with a credit score of around 580 and I was 21 at the time. Don't ask me how I really do not know, I somehow got qualified for it.

dpavid

Thanks everyone but my dilemma is that the cap is $70k at PenFed on used cars. I'm looking for a $85k loan on a used CPO. Penfed would be nice but then I have to pay the difference of $15k plus shipping, sales tax, registration, etc. Add it all up and I'm over $20k. I just don't want to float $20k on this car. I love the car, but not that bad. The monthly payments I could careless about if the interest rate is low. In other words, I would rather keep the $20k in the bank and pay interest over time for 100% financing. Just checked and my FICO score is 758 average between the 3 agencies so its not that bad. A buddy of mine used to be a finance manager at a few local dealerships, before he changed careers, and said most banks will give out car loans so long they don't total over 30% of your gross monthly income minus your debt so I know I clear those requirements about getting the loan... just where and with who? Seems like MBFS might be the best bet again. Any other suggestion? Thanks in advance.

https://www.penfed.org/Auto-Loans-Overview/

dpavid

Forgot to mention that I'm making my company pay for it. That's why I don't care what the monthly's are but I still need to qualify for the loan.

Wait. That sounds fishy...

NO! I am not doing any MLM! Haha.

djrabbi

I got Aspire FCU for 3.49 for 42months. There limit is 100k I think but depending on the year of the car.

Vic55

There are ton of prime banks out there with rates in the 1's... equity calls (sub 90 ltv) with amount financed over 30k all yield discounts...

Cap One
Chase
BofA
Bank of the West
etc...


And these are thru dealer networks- their rates, if they share, will be lower than walking in to above bank's financial centers.

MBFS will not be the best on used cars and they only shine on APR loans when their rate is a subvented rate incorporated (special APR via the factory participation).

So you can go via dealer or if you only desire to get the loan personally then credit unions are your best bet.

Benz-O-Rama

NASA Federal Credit Union. That's right. You MF'ers didn't know I was an astronaut, did you?

Seriously, I have 3 accounts just with them. A personal, my wife's personal, and one of our joint accounts. They always hook me...

Vic55

Im sure Chawkins will chime in with his bank:

Pantydroppersbankofvagina

djrabbi

I really thought u put VIRGINA then re-read it as vagina......Clever

Ryououki

0.9% financing on a Space Shuttle?

novae500

I've used Penfed for mine. I just hate the teaser months after where the rate is alot less, but you have to have at least $5k more to 'refi' your current car loan into the lower rate loan.

bigben320e

Credit Unions, I use ones in FL and GA where I live.

My regular banks, such as BOA, are not very nice with rates.

justinwrock

Could be North American Sportscar Association..... :P

danlnyc

I recently used penfed too. Dropped my rapeage interest rate of 8.19 to 1.99

xlr8tin

USAA here.